Decision details

The Council’s budget position for both revenue and capital needs to be monitored on a regular basis to ensure that there is control on the Council’s overall spend against its set budgets. The report will cover the details of spending and explanations for variances for each Department against these set budgets, and proposed action to achieve a balanced budget if required

The Executive will be asked to note the current position of the Council’s Revenue and Capital budget for 2007/08 and, if necessary, agree proposals to achieve a balanced budget at the year end

Received a report on the Council’s revenue and capital position for 2007/08 at the end of the first quarter.

Agreed, as a matter of good financial practice and to bring budgets into line with agreed expenditure, to:

(i)  Note the current position of the Council’s revenue and capital budget as at 30 June 2007;

(ii)  Note the position and projected out-turn for the Housing Revenue Account;

(iii)  Note that Directors are continuing to identify and implement the necessary action plans to alleviate current budget pressures to ensure that the necessary balanced budget for the Council is achieved by year end;

(iv)  An in-year budget adjustment of £1m in relation to the budget pressures in the Adult and Community Services department, resulting from recent Member reconsideration and decisions regarding the Older Persons Modernisation savings, to be funded from central provisions (contingencies);

(v)  Adjustments to both the Temporary accommodation and Revenues and Benefits working budgets as detailed in the report;

(vi)  The sum of £165,000, representing the costs of the continuing implementation of Single Status, being funded from the central resources budget set-aside to fund the Single Status Agreement;

(vii)  The re-profiling of individual capital schemes as detailed in Appendix D to the report; and

(viii)  Note the Prudential Indicators and the key Financial Health Indicators for the first quarter period.